franchise opportunities in pharmacy

[MLR2011]

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Besides Medicine Shoppe, are there any other franchise opportunities in pharmacy?? It seems like a really great opportunity for people interested in independent pharmacy, but want some of the benefits of being part of a chain. Does anyone work for a franchise or own one?? What are start-up costs like?? What is the whole experience like?? I've heard a lot of positive things with Medicine Shoppe and that although it requires a lot more work than being a staff pharmacist, job satisfaction is high.

 

[IHaveQuestions]

I must warn you that being a franchise will essentially make you vulnerable to regulation. Your profits will not be high. It is not worth it. Typically after everything is said and done(wages,rents, etc.) 8% of the sales are distributed among the owners of any INDEPENDENT pharmacy. A franchise will bring this number down to 4%. You acquire a brand name, and less risk. But that also brings about stress, and lower profits.

If money is a problem for you, I suggest taking the risk and opening up a NEW pharmacy. It could be very profitable, or you could lose everything.

 

[kvl1027]

I personally would steer away from franchise opportunities. As stated above, small independents aren't making the margains they used to in yester-years, so when you have to fork up to half of your take over to the franchise it just does not compute.

My recommendation to you would be to look for some old pharmacist who may be looking to retire soon and ride in his/her wake. These guys who have owned their own stores for years are large advocates of Independent pharmacy and would love to have their legacy move on instead of selling to corporate beast. Often time, they will even finance the sale of the pharmacy or you can gain sweat equity while you work or do a Jr. Partnership. I would definitly go that route if you can. Good Luck!

 

[PumpkinSmasher]

I personally would steer away from franchise opportunities. As stated above, small independents aren't making the margains they used to in yester-years, so when you have to fork up to half of your take over to the franchise it just does not compute.

My recommendation to you would be to look for some old pharmacist who may be looking to retire soon and ride in his/her wake. These guys who have owned their own stores for years are large advocates of Independent pharmacy and would love to have their legacy move on instead of selling to corporate beast. Often time, they will even finance the sale of the pharmacy or you can gain sweat equity while you work or do a Jr. Partnership. I would definitly go that route if you can. Good Luck!

I agree, I know a pharmacist who is doing this right now. He worked part time for an independent for a few years and is now working full-time with plans of purchasing the business in next couple years.

I also know an independent looking to retire over the next 5 years who wants to finance a junior partnership and he has friends wanting to do the same.

The opportunities are out there, approach an independent and ask, even if he isn't looking to sell, he will know someone who is more than likely. All of these old time independents know each other.


How is your store doing these days?

 

[kvl1027]

How is your store doing these days?

Things are going really well. Doing over 300 on Mondays and at least 200/day on all other days. We were having some efficiency issues when I took over and I have been utilizing our computer system's workflow management and things have really been coming together. I love working in an independent where I can basically do whatever I want.